MG Properties has purchased Skye Apartments, a 290-unit multifamily property in Vista, California, from Northwestern Mutual for $125.75 million.
The three-story apartment community at 501 W Bobier Dr was completed in 2016 and features a mix of one, two, and three-bedroom units. The transaction represents a price of approximately $433,621 per unit.
As part of the acquisition, MG Properties secured $82.27 million in financing with a 65% loan-to-value ratio.
This purchase adds to MG Properties' significant multifamily portfolio. The San Diego-based company currently owns 111 properties totaling approximately 32.8 million square feet, with 98% of its holdings in the multifamily sector. Over the past 24 months, the company has acquired 12 properties for $1.31 billion while disposing of 11 properties for $914.3 million.
Northwestern Mutual previously acquired the property in July 2016 for $88.45 million, representing a 42% increase in value over the eight-year holding period.